Using the following accounts and balances, prepare the income statement for Diamond Mines Ltd. for the year ended June 30, 2015, assuming a 28% tax rate. Ignore earnings per share.
Selling and administrative expenses .......................... $1,555,000
Interest expense ................................................. 120,000
Accrued liabilities ............................................... 400,000
Gain on sale of land.............................................. 217,000
Cost of goods sold ............................................... 4,850,000
Net sales ........................................................... 7,500,000